Need Home Property Mortgage Loan Funding? Know The Considerations

Are you looking for secured ways to meet your financial needs? Planning to opt for home property mortgage loan? Mortgaging your valuable asset for fulfilling your monetary requirements will be successful only when you are aware of the vital considerations. Simply scroll down below to know more!

Be it your commercial property, residential property or even a piece of land; mortgaging your own asset can indeed be a great way to fulfill your financial requirements. Without even actually selling off your property, you can pay interest rates lower to that of secured loans. What makes this mortgage more preferable than other credit options is that as a borrower you have no limitation on its end use!

Points To Consider While Opting For Home Property Mortgage Loan Funding In India

Loan Amount

The loan amount generally varies from 40% to 70% of your property’s total market value. Based on the kind of property you have, the exact amount can even rise to few crore rupees. If you are in need of huge amount, opting for a home property mortgage loan for a high-value property can be a wise decision.

Interest Rate

What makes home property mortgage loan funding in India a popular choice among borrowers is its low rate of interest. Usually, the interest rate ranges from 10% to 14%. Thus, if you are unable to avail a purpose specific loan, this loan can be one of your most informed monetary choices.

Tax Benefits

Unlike those education or home loans, home property mortgage loans do not provide the borrower with any tax benefit. While home loans allow great annual deductions, education loans can be deducted from the borrower’s taxable income.

Tenure

Another great flexibility that comes with such loans against property is that its tenure can go up to 15 years. This gives it an edge over other short-termed loans like personal loans or car loans. Such longer tenures increase your EMI affordability as they automatically translate into lower EMIs.

Processing Time

Lenders require time to process your loan since it is sanctioned according to the condition of your property. From carrying out a technical appraisal to verifying the property-related documents, lenders need enough processing time.

Now that you know the vital considerations, what are you still waiting for? Time to opt for a home mortgage property loan from a reputed lender!